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Minority Depository Institutions (MDI) are critical to the economic vitality and financial wellbeing of the low-income and underserved individuals, families, and small businesses in the communities they serve, but have long faced challenges in accessing capital and meeting the needs of their customers. These challenges have caused many MDIs to close, fail, or be acquired by bigger banks. This makes the remaining MDIs even more important because they often are the only financial institution fulfilling the financial needs of their minority communities.
The Minority Depository Institution Workstream addresses the challenges for minority-owned banks to access capital, expand technology capabilities, and modernize infrastructure. MDIs typically serve economically challenged communities that are traditionally underserved by the banking industry and other businesses. The Project REACh Minority Depository Institution Workstream is working to:
The Minority Depository Institution Workstream has strengthened and supported MDIs by:
The Project REACh Minority Depository Institution Workstream aims to create opportunities and partnerships to support the preservation and promotion of MDIs. Current initiatives include: